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Messages - Notaguru

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Investors - LC / Re: Converting from growth to income
« on: September 18, 2018, 11:27:28 AM »
When borrower payments are re-loaned under the LC umbrella, my LC balance simply grows with no tax issues - right? But isn't there a tax consequence incurred when funds are withdrawn from LC?
At this moment, I've simply stopped automatic reinvesting - and will draw funds from LC once or twice a month. Actually, I've never done that, and wonder about the mechanism.

Is there a better way to make my LC account an INCOME machine? I'm not comfortable with LiquidP2P, simply because of the lack of user experience and track record.



Investors - LC / Converting from growth to income
« on: September 17, 2018, 12:25:40 PM »
About 15 months ago I sought more diversity by investing in debt instruments, so tried Lending Club with conservative borrower criteria. So far, it's been satisfactory - determined by net value of our LC account.

Having just turned 80, I decided that income is a more appropriate goal than growth. With LC, it appears that one converts from growth to income by stopping automated reinvesting, and then periodically withdrawing funds from the account. Depending on how often I withdraw, that process creates periods during which I neither have use of the funds nor are they generating income. It also looks like that will complicate our tax filings...

Is there a better way?

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